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Double Milestone Payment Strengthens Nanomerics' Balance Sheet and Enables Clinical Programs

Nanomerics Ltd., a world leader in molecular engineered delivery technologies, today announced that the Company had received its first milestone payments from Virpax Pharmaceuticals (NASDAQ:VRPX).



These milestone payments relate to the licensing of Envelta™ for the treatment of non-cancer pain and MMS019, an anti-viral nasal spray. Under the terms of the license agreements Virpax Pharmaceuticals is responsible for the clinical development of Envelta™ in non-cancer pain patients and MMS019 for the prevention of respiratory viral infections, including SARS-COV-2. Virpax is developing Envelta™ under a cooperative research and development agreement with the United States National Center for Advancing Translational Sciences (NCATS), an institute of the U.S. National Institutes of Health (NIH).


"We are pleased that following Virpax Pharmaceuticals' initial public offering, Virpax Pharmaceuticals are now in a position to make these milestone payments, further their own development programmes and that the milestone payments will enable us to take our internal programmes towards the clinic," says Professor Andreas G. Schätzlein, Chief Executive Officer of Nanomerics. "We know, in the context of the current opioid crisis, that new pain treatments are needed and that Envelta™, which is based on enkephalin, shows good activity in all preclinical pain models; and has a potentially good safety profile."


Professor Schätzlein also says that, "MMS019, an antiviral nasal spray, being developed to reduce transmission of respiratory viral infections, shows good anti-viral activity against SARS-COV-2 in three dimensional human airway epithelial cell cultures. (Bioarxiv preprint)"


Anthony Mack, Chief Executive Officer of Virpax Pharmaceuticals says, "Virpax Pharmaceuticals was founded to provide innovative healthcare solutions to patients, where there is a clear unmet clinical need. We are pleased that our collaboration with Nanomerics is allowing us to fulfil our objectives in the area of pain as well as viral infection."